India is likely to emerge as the
second most competitive economy in the world after China in terms of
manufacturing in the next five years, says a report. According to the 2013
Globle Manufacturing Competitiveness Index compiled by Deloitte Touche Tohmatsu
and the US Council on Competitiveness, five years from now, emerging economies
would surge to occupy the top three spots.
China would retain the top spot,
while, India and Brazil moving up to claim second and third rankings
respectively, the report said. “India’s focused and comprehensive national
manufacturing strategy, democratic governance and infrastructure development
over the next five years many unlock the potential for CEOs around the world to
see this rising star”, the report said.
The five developed economy nations
that were ranked in the top 10 today include – Germany (2nd), the US
(3rd), South Korea (fifth), Canada (Seventh) and Japan (tenth),
while five emerging economy nations were also ranked in the top 10 today: China
(first), India (fourth), Taiwan (sixth), Brazil (eighth), and Singapore
(ninth).
Meanwhile, in the next five years
developed economy nations are likely to slip lower in the executive ranking
with Germany moving from second to fourth, the US from third to fifth, South
Korea from fifth to sixth, Canada from seventh to eight and Japan falls out of
the top 10 moving from tenth to twelfth. Brazil’s jump from eight to third is
the largest jump expected over the next five years. And, Vietnam moves into the
top 10 as the tenth most competitive nation.
According to the report talent-driven
innovation is deemed the most critical driver of a nation’s competitiveness,
while, second most important driver position is the economic, trade, financial
and tax system of a nation. This study, gathers data from more than 550 CEOs
and senior manufacturing leaders and rank the 38 countries in terms of their
manufacturing competitiveness at present and in the next five years.
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